ST.
LOUIS, Aug. 1, 2024 /PRNewswire/ -- Graybar, a
leading distributor of electrical, communications and data
networking products and provider of related supply chain management
and logistics services, today reported that it surpassed
$3 billion in quarterly net sales for
the first time in company history.
Graybar's net sales for the second quarter of this year set a
new quarterly record of $3.0 billion,
an increase of 7.6% compared to the same period last year. Net
income attributable to Graybar for the quarter finished at
$110.4 million, an 11.1% decrease
from the second quarter of 2023.
For the first half of 2024, the company reported net sales of
$5.7 billion, a 5.0% increase
compared to the same period last year. Net income attributable to
Graybar for the first six months of 2024 decreased 13.4% to
$215.6 million. The decrease in net
income for three and six months ended June
30, 2024 was due in part to the company's investments in
Graybar Connect, its multi-year, strategic business transformation
project.
"We continue to achieve positive results thanks to the hard work
and dedication of our employees," said Kathleen M. Mazzarella, chairman, president and
chief executive officer of Graybar. "As we serve our customers
today, we are making investments that will help us achieve
long-term success in a rapidly changing world. This strategic and
balanced approach positions Graybar as a resilient,
forward-thinking company that can anticipate market changes, lead
with innovation, and deliver enhanced value to our stakeholders for
years to come."
Graybar, a Fortune 500 corporation and one of the largest
employee-owned companies in North
America, is a leader in the distribution of high quality
electrical, communications and data networking products, and
specializes in related supply chain management and logistics
services. Through its network of more than 345 North American
distribution facilities, it stocks and sells products from
thousands of manufacturers, helping its customers power, network,
automate and secure their facilities with speed, intelligence and
efficiency. For more information, visit www.graybar.com or
call 1-800-GRAYBAR.
Media Contact:
Tim
Sommer
(314) 578-7672
timothy.sommer@graybar.com
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SOURCE Graybar